The International Monetary Fund (IMF) has revealed that the drop in the prices of oil will force major financial changes on oil exporters in Africa.

IMF noted that the 70 % drop fall in prices in the last 18 months has been a terrible shock to oil exporters like Nigeria and Angola, given their strong dependence on oil revenues. “While most oil producers have low levels of debt and adequate levels of reserves, the massive oil price decline makes adjustment to the new environment inevitable,” an IMF spokesperson said.

The spokesman added that IMF is collaborating with the affected countries on ways to regulate economic policies. “These vary depending on country-specific situations, but in most cases, fiscal adjustment will be needed,” IMF said.

Nigeria, had turned to the World Bank and African Development Bank (AFDB) for help to support its finances. The IMF on Wednesday said that no new request for financial help had been received so far from sub-Saharan African oil exporters, Vanguard news reports. “We indeed stand ready to assist the authorities, should such a request materialize,” it said.

Anita Fatunji